US Treasury Secretary: Expects to hold another meeting with China in the coming weeks in order to reach a more permanent agreement.

U.S. Treasury Secretary Scott Bessent said in an interview on Monday that a mechanism was discussed at a meeting in Switzerland between China and the U.S. that could lead to a more permanent agreement and prevent further tariff escalation following President Trump's tariffs imposed on April 2. He expects to meet with Chinese officials again in the coming weeks to continue trade negotiations. Bessent said, "I think in the coming weeks, we will meet again to reach a more satisfactory agreement. We have a mechanism with China to avoid the pressure of tariff increases." Prior to the interview, the U.S. and China reached an agreement to significantly reduce tariffs imposed within 90 days. The U.S. suspended the 24% tariffs scheduled for April 2, 2025, and kept the 10% tariffs intact; the U.S. also canceled retaliatory tariffs announced on April 8 and April 9, 2025 overall, reducing tariffs on Chinese goods from 145% to 30%. Bessent stated that tariffs imposed on Chinese goods prior to April 2 will remain in place. He added that the agreement reached over the weekend and the reciprocal tariffs "have nothing to do with tariffs on specific industries." The 20% tariffs imposed on Chinese goods during Trump's first term will continue as well. Bessent said that the trade agreement reached with China in Trump's first term could be a "good starting point." He added that while the Biden administration kept Trump's 20% tariffs, President Biden did not implement the trade agreement. He also noted that the U.S. is negotiating to prevent China from shipping goods to the U.S. through other countries. Bessent said, "Whatever agreement we reach, President Trump will enforce it." However, reaching a new permanent agreement will take time. Bessent said, "I don't think anything will be easy because this situation has been ongoing for a long time." He also stated that the weekend talks were "always respectful."